Clever How Taxes Increase 30% After the Election

What’s frustrating is the ploy of waiting to raise taxes until after the election will probably work.  I knew a bunch of new taxes were ready to take affect in 2012 – an additional 3.2% surcharge on investment income for those earning over $250k per year, and a host of other Obamacare crap.  What I didn’t realize is that all of these taxes add up to a 30% increase over the next 2 years according to the CBO.

The CBO is also predicting that this additional money will be a bonanza for the federal government, but I wonder…  If the economy is still in the dumps (and even the CBO admits it likely will be, partly due to the added tax burden) and the Laffer Curve kicks in, will the feds be pulling in more, less, or the same?  I predict less or the same if things continue as they have been and we don’t repeal Obamacare.

Ugh.  This is just depressing.


About Mystic Cowgirl

I worked overseas in the aid game for longer than I'd like to admit and learned several important things: 1) Third World countries aren't poor because America is rich. They're impoverished due to socialist governments that provide neither rule of law nor basic infrastructures; 2) These socialist governments redistribute wealth from taxpayers to the government workers. There's no benefit to the poor or downtrodden, and certainly not to the general welfare in terms of infrastructure improvements. 3) America is moving toward the Third World model. Rule of law has been subverted because equality under the law is disappearing as special interests carve out exemptions to regulations and special favors under the law. The redistribution of wealth to government began decades ago -- total compensation for government employees now outpaces salaries in the private sector.
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